Opec seeks US help to cool oil

THE head of oil cartel Opec today revealed that he had urged the United States to release crude stocks from its strategic reserve to bring down sky-high oil prices.

'We had communication with them. I asked them to use their reserves,' Purnomo Yusgiantoro said. But analysts said they doubted Washington would comply, with critics certain to claim George Bush was using the emergency stockpile as a campaign ploy, given the Presidential elections are just days away.

Rob Laughlin, analyst at GNI Man Financial, said: 'The US is not going to do it,' adding that the reserve contained crude rather than the refined products that are badly needed and in short supply.

US crude eased four cents to $55.13 a barrel, compared with Monday's record $55.67. London's Brent fell 25 cents to $51.31. Last month, the US loaned a total of 5.4m barrels of crude oil to five refiners, to offset supply disrupted by Hurricane Ivan. It was the first oil loan since Hurricane Lili in 2002.

Former President Bill Clinton tapped into reserves to bring down heating costs in 2000. At the time, Bush slammed the move, claiming it was putting America's national security at risk.

He said: 'The strategic reserve should not be used as an attempt to drive down oil prices before an election.'

Official data due today was expected to show US heating oil stocks fell for the sixth week in a row last week.